EyePoint Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

EyePoint Pharmaceuticals (NASDAQ: EYPT) announced the grant of non-statutory stock options to four new employees, totaling 56,500 shares. These options, approved by the Compensation Committee, were granted on April 14, 2022, with an exercise price of $12.69 per share. The awards aim to incentivize employment and have a ten-year term, vesting over four years, with 25% vesting after one year and the rest in monthly installments. EyePoint focuses on developing therapeutics for serious eye disorders, leveraging its Durasert technology for drug delivery.

Positive

• Grant of 56,500 stock options indicates potential for employee retention and motivation.
• Stock options priced at $12.69 reflect the company's proactive approach to attract talent.
• Focus on serious eye disorders presents growth opportunities in an expanding market.

Negative

• None.

WATERTOWN, Mass., April 18, 2022 (GLOBE NEWSWIRE) -- EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a pharmaceutical company committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders, today announced that the Company granted non-statutory stock options to new employees as inducement awards outside the Company’s 2016 Long-Term Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

The Company granted stock options to purchase up to an aggregate of 56,500 shares of EyePoint Pharmaceuticals common stock to four new employees. The stock options were granted on April 14, 2022. The grants were approved by the Compensation Committee and made as an inducement material to each employee entering into employment with EyePoint Pharmaceuticals in accordance with NASDAQ Listing Rule 5635(c)(4). The option awards have an exercise price of $12.69 per share, the closing price of EyePoint Pharmaceuticals’ common stock on April 14, 2022. The options have a ten-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s date of grant and the remainder vesting in equal monthly installments over the following three years. Vesting of the options is subject to the employee’s continued service with EyePoint Pharmaceuticals through the applicable vesting dates.

About EyePoint Pharmaceuticals

EyePoint Pharmaceuticals (Nasdaq: EYPT) is a pharmaceutical company committed to developing and commercializing therapeutics to help improve the lives of patients with serious eye disorders. The Company's pipeline leverages its proprietary Durasert^® technology for sustained intraocular drug delivery including EYP-1901, a potential six-month intravitreal anti-VEGF treatment initially targeting wet age-related macular degeneration. Durasert’s proven intravitreal drug delivery platform has been safely administered to thousands of patients' eyes across four U.S. FDA approved products, including YUTIQ^® for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye, which is currently marketed by the Company. EyePoint Pharmaceuticals is headquartered in Watertown, Massachusetts.

For EyePoint Pharmaceuticals:

Investors:
Christina Tartaglia
Stern IR
Direct: 212-698-8700
christina.tartaglia@sternir.com

Media Contact:
Ava Jacobs
Green Room Communications
Direct: 248-444-7425
ajacobs@greenroompr.com 

FAQ

What is the stock symbol for EyePoint Pharmaceuticals?

The stock symbol for EyePoint Pharmaceuticals is EYPT.

How many stock options were granted to new employees by EyePoint Pharmaceuticals?

EyePoint Pharmaceuticals granted a total of 56,500 stock options to four new employees.

What is the exercise price of the stock options granted by EyePoint Pharmaceuticals?

The exercise price of the stock options granted is $12.69 per share.

When were the stock options granted by EyePoint Pharmaceuticals?

The stock options were granted on April 14, 2022.

What is the vesting schedule for the stock options granted by EyePoint Pharmaceuticals?

The stock options vest over four years, with 25% vesting after one year and the remainder vesting in equal monthly installments.